Liverpool Stick Their Finger In The Dyke

It was surely no coincidence that Share Liverpool FC chose their relaunch on the day that the club itself confirmed the details of a refinancing deal that was the financial equivalent of using a used sausage roll packet as a form of birth control. The vultures have been circling at Anfield for some time now, but while Gillett and Hicks have managed to defer the very worst that could happen for them, but serious questions remain over their medium to long term future. The Royal Bank of Scotland and the American bank Wachovia, in the current climate, could be forgiven for taking no prisoners in their deal with the club. They agreed, eventually, to extend the club’s credit, but at an immediate cost to the owners. Gillett and Hicks have to raise £60m in the next year – two-thirds of it immediately and the rest later in the year. During the summer Gillett relieved himself of his majority share in the NHL club Montreal Canadiens, a deal which should make this somewhat easier, but the very fact that this debt needed to be restructured is an indicator of the extent to which their time in charge of the club has been a failure. Liverpool Football Club probably remains in the top five football – ugh – “brands” in the world, and their inability to maintain their promise to not...

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